Haptic Technology Market - Forecasts from 2024 to 2029

Haptic Technology Market - Forecasts from 2024 to 2029

The haptic technology market was estimated at US$11.619 billion in 2022, growing at a CAGR of 10.66%, reaching a market size of US$23.619 billion by 2029.

The haptic technology market is anticipated to show steady growth during the forecast period. Haptic technology includes haptic reply and it’s a study of sense, through vibrations, quick motions, or the pressure to increase the sensibility and the movement. The study is applicable in both virtual and physical patterns which is coordinated with the alternative haptic feedback.

Haptic technology is changing the landscape in digitally operated devices by providing real physical sensation. The parameters like motion, vibration, and textures, enhance the experience of the user through the various devices like controllers for gaming, wearables, and medical equipment. Growing demand for consumer electronics, the booming gaming industry, and the adoption of haptic technology in healthcare technology are driving the haptic technology market growth.

Haptic Technology Market Drivers

Growing demand for consumer electronics

The increased demand of consumer electronics which is a primary driving force behind the haptic technology market growth. The haptic technology is being incorporated in electronic devices like mobile phones, controllers for gaming and wearables to enhance the user experience. As the consumers are very interactive towards various technologies these days by involving themselves in various operations of these devices the haptic technology is boosting the desires of individuals to use more. The mobile notifications with vibration and display alerts with textures are best examples for haptic technology.

Haptic technology offers benefits in the field of gaming, where the controllers act as a transmitter between the device and humans. Operating gun through smart devices and changing the gun mag by controls are examples of this technology, which feels like a real deal in virtual environment. These developments with respective technology enable a demand for haptic technology.
The booming gaming industry propels haptic technology market growth.

The growing demand for haptic technology is majorly influenced by the gaming industry. The incorporation of advanced features in gaming, like controllers, is changing the scenario in which the individual perceives the virtual world around. This technology encompasses sensory parts, motions and vibrations to uplift the technology and to get better outcomes. This enables the players to create an interactive environment with the games, which results in action to feedback through satisfaction. Due to the mentioned reason, the gaming industry is propelling the haptic technology market growth.

For instance, the survey conducted by the Entertainment Software Association, they have segregated the survey by age group on who engages in playing games, where 62% of adults aged 18 and above and 76% of children who are below 18 years. The gaming platform with respective mobile devices and consoles is used by 64% of people who use mobile devices, 54% of them use consoles, and 45% of people opt for PC/laptops.
Adoption of Haptic technology in the healthcare sector

The haptic technology is a part of the healthcare sector and the advancements in haptic technology are changing the scenarios of the medical field. Implementation of surgical training simulators where these haptics provide surgeons a real-life experience like operating an individual, which was a delicate process in previous days. The advancement like the sense of touch, enables and enhances the precise accuracy during the surgeries. The haptic technology is under investigation process in robotic surgery systems, where the surgeons can do the operations with sense, and textures and handle the instruments with greater accuracy through haptic feedback.

The increased demand for haptic technology is being driven by the increasing robotic surgery experiments. Haptic feedback allows surgeons to have more accurate control over robotic tools, which leads to an increased demand for minimally invasive procedures.

For instance, Johnson and Johnson MedTech announced the regulatory approval of the MONARCH platform, which is a lung surgery that can be done through a bronchoscope in China.

Haptic Technology Market – Geographical Outlooks
North America is expected to grow.

North America is anticipated to account for a significant share of the haptic technology market growth due to a variety of factors. The region is specifically seen as an early adopter for these types of technologies and has the strongest consumer base with respective gaming and wearables. North America owns a well-established medical sector where innovative medical devices are incorporated to treat patients from therapy to surgery.

These factors collaboratively enhance North America as a major stakeholder in the upcoming haptic technology, and the market is driven by consumer demand, medical advancements, and a supportive technological ecosystem.

For instance, in August 2023, Lam Research company from the United States had invented pulsed laser technology. This innovative breakthrough technology helps in the deposition of thin films that are required for the further development of haptic sensors. These sensors are responsible for generating real-time experience in various sectors like gaming and the healthcare sector.

Haptic Technology Market Restraints
Increased power consumption hinders the haptic technology market growth.

The creators face difficulty in coordinating the real haptic features with respective idle energy consumption, as haptic feedback consumes a lot of energy and puts a burden on the battery life of the devices that are incorporated in devices like mobile phones and wearables.
Safety protocols curb the haptic technology market growth.

Dependability and safety are the major concerns with respective haptic feedback in surgeries and training in the healthcare field. The technology will be crucial for a comprehensive examination to ensure safety, and potential threats may cause serious problems.

Haptic Technology Market Key Industry Developments
January 2024: Microtube Technologies launched the Hexr Glove, which is operated wireless. It's called a haptic glove, which is developed for CR encounters. This glove enables the individual to feel the real and be involved in the process of operation.
January 2023: Ajnalens, a startup company from India, launched the AjnaXR glasses. The glasses offer a mixed reality (MR) headset, which was developed for the purpose of learning, as it will be beneficial for both students and professionals. This product involves the coordination of virtual and physical environment experiences, enabling training across various sectors.

Haptic Technology Market Major Players and Products
The DRV2625 haptic driver: The product offered by Texas Instruments is a technology which is specifically designed for accurate and robust vibration effects in smart phones. As this product entails with high control rate, low power consumption, and involves features like automatic resonance tracking to generate overall performance.
RichTap: The product offered by AAC technologies, which is a combination of hardware, software, and design knowledge to furnish various devices with excellent haptic effects.

The Haptic Technology market is segmented and analyzed as follows:

By Device
Active Haptics
Passive Haptics
By Component
Microcontrollers
Software
Actuators
Others
By Application
Healthcare
Gaming
Automotive and Transportation
Education and research
Engineering
Others
By Geography
North America
United States
Canada
Mexico
South America
Brazil
Argentina
Others
Europe
United Kingdom
Germany
France
Italy
Spain
Others
Middle East and Africa
Saudi Arabia
UAE
Others
Asia Pacific
Japan
China
India
South Korea
Taiwan
Thailand
Indonesia
Others